Coutts' Swiss operation faces German investigation over tax evasion claims
The Guardian - Feb 26, 2015
The Swiss operation of Coutts is under investigation by the German authorities for allegedly helping clients to evade tax.
Coutts is one of Britain’s most venerable banks, with a clients list that includes the Queen.
The bank’s Swiss operation is already under investigation by the US authorities about whether it helped American citizens evade tax.
But the parent of Coutts, Royal Bank of Scotland, said the investigation into the Swiss arm of Coutts had now widened to Germany. The activities of Swiss banking operations have come under intense scrutiny following the revelations about HSBC and the leak of 100,000 account details of its subsidiary in Switzerland, which showed it helped clients avoid tax. In order to become a client of Coutts, customers must have more than £1m in investable assets.
